What is X Protocol (POT)? Project overview and POT . token

• X Protocol Overview
• What is X Protocol?
• Highlights of X Protocol
• Key technologies of X Protocol
• X Application
• Release route
• X Protocol team, investors and partners
• Overview of the POT . token
• General information about the POT . token
• Allocate POT . tokens
• How to earn and own POT . tokens
• The future of X Protocol and should I invest in POT tokens?
• summary

X Protocol Overview

What is X Protocol?

X Protocol is the first application portal associated with the metaverse programmed in the RUST language. X Protocol builds a new public blockchain based on Polkadot's Substrate framework. This blockchain provides access to the metaverse for decentralized applications of various blockchains at a low cost. The project is expected to deploy on many different blockchain platforms such as Polkadot , Solana , Polygon , Ethereum , BNB Chain ... in the future to serve more users.

X-Metaverse is a virtual reality platform created by X Protocol using blockchain technology. X-Metaverse will build a metaverse civilization with a rich ecosystem based on decentralized applications. X-Metaverse aims to create a virtual world with a complete, equal economic model for users with low latency.

Highlights of X Protocol

Scalability and speed

With its multi-chain structure (sharding), X Protocol can process many transactions in parallel and is scalable when there are more blockchains connected to its network and when the number of transactions to process increases.

Interactive abillity

X Protocol's vision is to solve interoperability issues by leveraging the strengths of each blockchain through the use of a private interconnection architecture developed by itself. The new blockchain can be seamlessly connected to X Protocol through the Substrate framework. Existing interconnected blockchains can be easily extended by reusing the existing functionality offered by X Protocol.

Administration and Upgrades

X Protocol solves the problems of governance, upgrading the network with a powerful voting and governance system. On X Protocol, upgrading becomes a seamless and highly flexible process. Updating X Protocol is as simple as deploying smart contracts. In addition, the source code of X Protocol can only be updated based on voting. This means that X Protocol will not need a hard fork to change the source code.

Multichain

X Protocol is built and developed based on Polkadot. The project also plans to deploy on other blockchains such as Ethereum, BSC, Polygon, Solana, Avalanche… in the future. With the goal of expanding the commercial reach and becoming a powerful metaverse platform.

Key technologies of X Protocol

X Cross-chain Relay

Relay-chain often uses systems in the chain to access and retrieve information on other chains in the network. One of the popular approaches is light client authentication. The light client is a blockchain that contains only the block header and the size of the block header data, which is much smaller than the full data information of the entire blockchain. Thus, users can interact with the blockchain in a secure and decentralized manner without the need to synchronize data.

The X Cross-chain Relay light client uses the Merkle Mountain Range (MMR) encryption algorithm, the Optimistic Whistleblower (OWS) system, the Bridge miner Relayer incentive, and other technologies. to ensure stable system operation.

X Protocol Bridge

X Protocol cross-chain bridge is a two-way bridge based on the relay-chain of X Protocol itself. Once connected to the X Protocol cross-chain bridge, users can focus on working, developing, and experiencing applications without worrying about cross-chain infrastructure.

Compared to other cross-chain bridges, the X Protocol bridge has more liquidity with the advantages of performance and decentralization. It allows users to mint assets from other blockchain platforms at a 1:1 ratio into the corresponding assets on the Polkadot platform. These assets can be used for all applications and parachains in the Polkadot ecosystem.

Relayer

X Protocol's cross-chain bridge has Relayer bridge miners. They will be the ones to send their monitored block headers to the light client. Relayers need to stake tokens to qualify as miners. However, if the relayer performs a malicious action against the protocol, it will be reported and some of the staking rewards will be forfeited.

Merkle Mountain Range (MMR)

MMR is a data structure that improves block validation efficiency. X Protocol uses MMR to verify any block history with the latest block which has the advantage of less capacity, on-demand usage and lower cost.

The Optimistic Whistleblower System (OWS)

Protocol X's light client causes the latest block to be verified by any block history via MMR. To determine the correctness of the latest block, X Protocol encourages Relayers to move blocks, while controlling each other through an objective whistleblower system.

NFT Cross-chain

By setting up mapping converters, NFTs generated by other protocols can be mapped onto X Protocol. X Protocol's NFT Cross-chain requires no collateral. So it supports high frequency transactions like NFT transfers. Therefore, X Protocol provides an important infrastructure for the development of NFT.

X Application

Basic Application of X Protocol Bridge

The X Protocol cross-chain bridge allows assets like BTC, which has no decentralized financial applications on the original chain, to be used on Ethereum and other blockchains in a faster and more convenient way to participate. into DeFi.

As a key component, the X Protocol cross-chain bridge can be provisioned and used for partner projects and blockchain platforms. It enables multi-chain asset transfers to improve total DeFi locked (TVL) value and transaction volume. In this way, users can easily benefit from cross-chain participation in DeFi projects in different blockchain ecosystems.

X Predict Market

The prediction market is a huge event market where people can use the results of future events to make prediction trades. Another important value of the prediction market is the ability to collect the predictions of all market participants to build a signal engine that predicts the high probability outcome of events.

X Predict Maket is a user-friendly, decentralized and cross-chain prediction market platform with automatic market creation using the Fixed Product Automated Market Maker – FPMM).

X-NFT is another feature of X Predict Market. With this feature, users can directly create, participate in predictions and get corresponding NFT for their participation. In addition to X-NFT and NFT Marketplace, X Predict Maket will develop other functions in the future such as NFT minting, trading, auction, fragmentation, mortgage lending, etc.

Decentralized Identity

X Protocol will provide decentralized identity creation to help users maintain a unified identity when using services in different scenarios at X-Metaverse. This decentralized identity will be designed, represented by a proprietary NFT.

X Protocol will also create an avatar for a user's decentralized identity. Avatars can not only be used as social profiles, but can also be dressed in different clothes as NFTs in the future. Some clothing NFTs will even have special effects and rewards for participating in X-Metaverse's app.

Social Contact

X Protocol will provide a multifunctional social tool including social system, X community, tipping, fundraising…

Social System

X Protocol allows users to add friends, send private messages, and view each other's public messages on blogs and forums. Users can also set up private posts, so that even friends can't see the author's identity.

X Community

Community X can be divided into a home page and multiple communities with different topics. Users can choose to join a community whose topics are of interest to them. They can then post their content and other users will grade, vote, or respond. Those with excellent scores will be posted on the homepage.

Tipping

Users can support the author of posts they agree to in the X community using POT or other tokens that the system accepts.

Fundraising

Users can start fundraising and describe what they want to do, whether it's writing an article, painting a picture, launching a new project… Backers can donate money in advance to people launch. After completing the fundraising process, supporters can receive many gifts and incentives based on the previous information that the fund has provided.

Infrastructure and land in the X-Metaverse

In the initial phase of X-Metaverse, we will also build necessary infrastructure such as banks, NFT Marketplace… besides X Predict Market. These infrastructures will occupy a portion of the X-Metaverse's land, and the remaining lands will be open for auction to all users.

Release route

1st quarter of 2022

• Airdrop, AMA and other functions in X-Metaverse will be open to other crypto projects
• X-Metaverse land system research and development
• X-Metaverse NFT system research and development
• Organize incentive activities like staking
• X-Metaverse access research and development for decentralized applications on different blockchains
• Upgrade X Cross Chain bridge to support multiple assets of different blockchains
• Multi-chain multi-asset support for X Predict Market

Second quarter of 2022

• Launch and repeat the land system
• Launch and repeat the NFT . system
• Greater access to decentralized applications on the Polkadot and Solana ecosystems.
• Deploy more blockchains
• Optimize UI/UX and operating experience of X-Metaverse
• Develop new X-Metaverse scenes and update new gameplay

3rd quarter of 2022

• X Protocol DAO administration module research and development
• Test and launch the DAO . admin module
• DID research and development combined with WEB3.0
• Research and prepare to develop Social Fi

Quarter 4 of 2022

• Planning and developing the social part of X Protocol
• Plan and develop the DID part of X Protocol
• Recruit KOLs to join X Protocol for internal testing of DID and social networks
• Plan and develop incentive activities based on Social Fi

X Protocol team, investors and partners

X Protocol's development team

• CY Yep (Chief Technology Officer) : He used to be the founder and architect of many game project teams at Tencent, with many years of experience in the field of security and cyber security.
• Peter Rusk (RUST Programmer) : He has 7 years of experience in developing large-scale projects and 2 years of research and programming language RUST.
• Jessie Chua (Marketing Manager) : She has extensive experience in Banking and Fintech industries.
• Shawn Lau (Strategic Advisor) : He holds a PhD in mechanical engineering from Nanyang Technological University and a master's degree in business administration from Cornell University.

Investor of X Protocol

X Protocol has raised a total of nearly 8 million USD through funding rounds and private sale rounds from many large funds and institutions such as OKEx Blockdream Ventures, Huobi Ventures, Lancer, IBC Capital, Spark Digital Capital …

X Protocol Partners

X Protocol is currently a partner with many organizations and projects such as Duck DAO, Crust, Standard Protocol...

Overview of the POT . token 

POT is the official token of X Protocol. POT tokens are used for the following purposes:

• Pay in X-Metaverse, X Predict Market or crowdfund…
• Use in voting proposals, determine the outcome in X Predict Market.
• Stake POT to get rewards.

General information about the POT . token

• Token name: X Protocol
• Ticker: POT
• Blockchain: Binance Smart Chain
• Standard: BEP-20
• Contract: 0x4c7b04…3e0245
• Token type: Utility, Governance
• Total Supply: 21,000,000 POT
• Circulating Supply: Updating…

Allocate POT . tokens 

• Ecosystem development: 15%, distributed quarterly within 3 years after TGE. 
• Developers and Advisors: 10%, lock for 6 months after listing CEX, then distribute monthly for 36 months.
• Liquidity pool: 15%, linear unlock over 3 years.
• Yield Farming: 35%.
• Fundraising: 25%, distributed according to investment terms.

How to earn and own POT . tokens

Currently, you can buy and sell POT tokens on cryptocurrency exchanges like Gate.io, MEXC, and LBank.

The future of X Protocol and should I invest in POT tokens?

Recently, Facebook backed the metaverse concept when they renamed the company “Meta” and committed $10 billion to develop the virtual social sharing platform. If a company as big as Meta is willing to make such a big transition, it's clear that the metaverse is a thing of the future. Although more and more NFT-based metaverse blockchain projects are born, they still face many limitations in order to be applicable and reach more users. 

Speed, scalability, and interoperability are some of the things that current metaverse projects need to overcome. As the user community grows, projects will also need a robust voting and governance system to make changes on-chain and their systems. 

Addressing these limitations in the current metaverse model, X Protocol has built a blockchain and multi-chain X-Metaverse platform based on Polkadot's technology. In addition to the prediction market, X-Metaverse also integrates NFT, yield farming, and banking markets into its platform. The POT token is expected to boost the ecosystem of X Protocol by incentivizing users through staking, farming as well as helping to raise funds for new projects. However, it will take a long time to complete the finished project product as the project proposed and the metaverse to be widely disseminated. Therefore, you should consider, learn carefully the information and allocate capital appropriately before investing in X Protocol.

summary 

Above is the basic information about the X Protocol project and the POT token. As the metaverse and NFT become more and more popular, X Protocol is expected to be at the forefront of providing all the necessary attributes, technologies, and features to meet all user and market needs. school.

For more details about the project, readers can view information at the media channels:

Twitter | Telegram | Github | Medium | Project information

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